Azerbaijan earns about $15-20 billion from the petroleum sector annually, Azerbaijani Minister for Industry and Energy Natig Aliyev said, Trend reports.
Shahmar Movsumov, head of the Azerbaijani State Oil Fund, said that the fund has received over $60 billion since its foundation, $32 billion of which have been saved. Part of the sum is transferred to the budget annually.
The fund transferred some 9 billion manats to the state budget in 2011, the sum should total $12 billion by the end of the year.
The State Oil Fund was formed in 1999. It accumulated finances and allocates them abroad to minimize economic risks, prevent "Dutch Syndrome", accumulate savings for future generations and support socio-economic processes.
The currency rate for December 29 is 0.7864 AZN/USD.
